Ola co-founder Bhavish Aggarwal pledges shares to raise funds
Bhavish Aggarwal, co-founder of Ola Electric, has pledged 10.71 crore company shares (about 2.4% equity) to raise funds for his AI startup, Krutrim Data Centre.
This move comes as he looks to power up Krutrim's next phase of growth.
Aggarwal tops up collateral for pledged shares
Aggarwal's new pledge replaces earlier restrictions on selling his shares, thanks to recently expired lock-in periods.
With Ola Electric shares down over 35% since IPO, he also used ₹20 crore to top up collateral for the pledged shares to keep things steady.
Krutrim is seeking up to $300 million in fresh capital
Krutrim has already received ₹2,000 crore from Aggarwal himself. The company is now seeking up to $300 million in fresh capital while working on its ambitious AI model, Krutrim 3—even though flagship products like Krutrim Cloud haven't caught on yet and over 200 employees were recently let go.